ETF Evaluator:
RJ Eagle Vertical Income ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Multisector Bond Over the Last Year
| 7.3% | Eaton Vance Income Opportunities ETF (XAGG) |
| 7.1% | Bluemonte Diversified Income ETF (BLUI) |
| 7.0% | Rareview Dynamic Fixed Income ETF (RDFI) |
| 6.3% | FolioBeyond Enhanced Fixed Inc Prm ETF (FIXP) |
| 5.6% | Neuberger Flexible Credit Income ETF (NBFC) |
Risk
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Risk
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ETF Details
RJ Eagle Vertical Income ETF Overview
RJ Eagle Vertical Income ETF (RJVI) is an actively managed Taxable Bond Multisector Bond exchange-traded fund (ETF). Raymond James launched the ETF in 2025.
The investment seeks current income, with long-term capital appreciation as a secondary investment objective.
The fund is an actively managed exchange-traded fund. The fund aims to maximize an investor’s yield potential by utilizing a capital-structure agnostic approach that provides flexibility to invest in any level of a company’s vertical capital structure, including a company’s bonds, preferred stock and common stock. The fund primarily invests in investment-grade corporate bonds issued by companies included in the Bloomberg U.S. Corporate Index.
About RJ Eagle Vertical Income ETF (RJVI)
There are 3 members of the management team with an average tenure of 0.83 years: Brad Erwin (2025), John Lagowski (2025) and James Camp (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Corp Bond TR USD index with a weighting of 100%. RJ Eagle Vertical Income ETF has 79 securities in its portfolio. The top 10 holdings constitute 17.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
RJ Eagle Vertical Income ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. RJ Eagle Vertical Income ETF has 1.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 18.3% There is 0.0% allocated to foreign stock, and 12.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 68.0% (66.1% domestic bond, 1.9% foreign bond and 0.0% convertible bond). RJ Eagle Vertical Income ETF has -6.9% of the portfolio in cash.
Assets Under Management
The fund has $16 million in total assets, which is below the $1 billion average for the Multisector Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
RJVI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The RJ Eagle Vertical Income ETF expense ratio is average compared to funds in the Multisector Bond category. RJ Eagle Vertical Income ETF has an expense ratio of 0.51%, which is 22% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. RJ Eagle Vertical Income ETF has a portfolio turnover rate of 2%, which indicates that it holds its assets around / 0.5 years. By way of comparison, the average portfolio turnover is 163% for the Multisector Bond category.
Recently, in the month of July 2026, RJ Eagle Vertical Income ETF returned -0.6%, which earned it a grade of C, as the Multisector Bond category had an average return of -0.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
RJ Eagle Vertical Income ETF has a trailing yield of 0.00%, which is below the 5.63% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
RJ Eagle Vertical Income ETF Grades
Year to date, the ETF has returned 1.6%, 0.3 percentage points better than the category, which translates into a grade of B.
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RJVI Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| RJVI Return (NAV) | -0.6% | 0.1% | na | na | na | na |
| RJVI Return (Price) | -0.8% | 0.3% | na | na | na | na |
| NAV +/- Price Return | 0.209% | -0.196% | na | na | na | na |
| Multisector Bond Avg | -0.5% | 0.3% | 4.5% | 6.2% | 1.8% | 3.1% |
| RJVI Grade (NAV) | C | D | na | na | na | na |
| +/- Category (NAV) | -0.0% | -0.2% | na | na | na | na |
| RJVI Tax-Cost Ratio | na | na | na | na | na | na |
RJVI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RJVI Return (NAV) | 1.6% | na | na | na | na | na | na | na | na | na | na |
| RJVI Return (Price) | 1.7% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.057% | na | na | na | na | na | na | na | na | na | na |
| Multisector Bond Avg | 1.3% | 7.6% | 5.5% | 8.2% | -10.8% | 3.0% | 4.7% | 10.6% | -1.8% | 5.9% | 7.4% |
| RJVI Grade (NAV) | B | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.3% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 16 Mil |
| Share Class Assets: | $ 16 Mil |
| Turnover: | 2.0% |
| Expense Ratio: | 0.51% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 0.8 years | |||
| Average Tenure: 0.8 years | |||
| Managers (Year): Erwin Brad (2025), Lagowski John (2025), Camp James (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 79 |
| % in Top 10 Holdings: | 17.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.9% |
Portfolio Allocation |
|
| Domestic Stock: | 18.3% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 12.1% |
| Domestic Bond: | 66.1% |
| Foreign Bond: | 1.9% |
| Convertible Bond: | 0.0% |
| Other: | 8.5% |
| Cash: | -6.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Raymond James |
| Phone Number: | 800-421-4184 |
| Website: | www.eagleasset.com |
| Inception Date: | October 1, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.51% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.65% |
